US-based investment banking company Citi has completed the previously announced sale of its onshore consumer wealth portfolio in China to HSBC Bank China.

The American company has also wrapped up the full migration of its onshore consumer wealth portfolio in the East Asian country to HSBC Bank China, including the transfer of over 300 employees.

Citi’s institutional businesses in the country are excluded from the deal.

According to Citi, it remains focused on catering to institutional clients in China on local, regional, and global level.

Besides, Citi said that it will transfer its remaining credit card portfolio in China to Fubon Bank China later this year as part of a previously signed agreement. 

The American investment banking company also intends to establish a wholly owned securities and futures company in onshore China.

Citi China country officer and banking head Luke Lu said: “Citi is proud to have a long history in China, and we are intently focused on growing Citi’s institutional businesses in China, serving clients in the market through our network to support their cross-border needs.”

Citi and HSBC announced the deal in October last year. The terms of the deal were not revealed.

The divested portfolio includes $3.6bn in assets and deposits and the associated wealth customers across 11 major cities.

Citi’s completion of the sale advances its intention to exit consumer banking businesses across 14 markets in Asia, Europe, the Middle East, and Mexico as part of its strategic refresh.

Currently, the company has closed sales in nine markets including Australia, Indonesia, Malaysia, Bahrain, Taiwan, India, the Philippines, Thailand, and Vietnam.